Robinho was sentenced in absentia to nine years in prison in November 2017 by an Italian court for allegedly participating in a gang rape of an Albanian woman in a Milan nightclub, although he has maintained his innocence and the case is still pending until after the completion of the appeal process.
The 36-year-old signed a short-term deal with Santos last week in what would have been his fourth spell at the club but the move did not go down well with some sections of the supporters and sponsors.
Orthodontics franchise, Orthopride, withdrew its financial backing for Santos earlier this week ‘out of respect for women’.
A club statement read: "Santos and Robinho report that, by mutual agreement, they decided to suspend the validity of the contract signed on October 10 so that the player can focus exclusively on his defence in the process that runs in Italy."
In a video posted on his official Instagram account, Robinho said: "With a lot of sadness in my heart, I am telling you that I made the decision with the president to suspend my contract at this difficult time in my life.
"My goal has always been to help Santos. If in any way I'm getting in the way, I had better leave and focus on my personal stuff. For the fans [of Santos] and those who like me, I will prove my innocence."
Robinho has played 100 times for the Brazil national team, and was part of the country's FIFA Confederation Cup winning squads of 2005 and 2009, as well as their victorious 2007 Copa America team where he was named best player of the tournament.